The field
device management market is projected to grow from USD 1.3 billion in 2019
to USD 1.8 billion by 2024; it is expected to grow at a compound annual growth
rate (CAGR) of 6.7%. The rising importance of Industry 4.0 and smart factory,
growing focus of manufacturers on reduction in maintenance and operational
costs, surging need for FDM systems, and increasing investments for the
development of FDM solutions by automation companies are the major factors
driving the growth of the market.
Software
segment would account for larger share of field device management market, by
offering, by 2024
Most of the players provide software-based
solutions for better analysis of field devices. Software offerings are expected
to dominate the market due to the rising adoption of advanced technologies such
as industrial automation, Industry 4.0, and the IIoT. Field device
management (FDM) acts as a configuration tool for smart field devices and a
maintenance tool for diagnostics and troubleshooting applications. FDM tools
are used by control engineers for commissioning and configuration tasks and by
instrument technicians for troubleshooting and maintenance activities. FDM
solutions help to remotely access smart devices and provide field data of the
asset/machine, which can be used for predictive maintenance.
Process
industry to account for largest market share during forecast period
Oil & gas, chemicals, energy & power,
food & beverages, pharmaceuticals, metals & mining are among a few
major process industries. The emergence of Industry 4.0 and the evolution of
big data have presented process industries with unique opportunities for taking
their performance to a new level. Almost all process industries require
critical monitoring and controlling processes. Many smart sensors and smart
field devices have been introduced to perform data analysis of critical
industries. FDM solutions help field engineers to optimize their maintenance
tasks.
APAC
to witness highest CAGR in field device management market during forecast
period
The rising demand for FDM solutions in the
automation industry, growing adoption of Industry 4.0, smart factory, IoT, and
IIoT technologies, and increasing investments in the development of FDM
solutions are some of the factors driving the growth of FDM market in APAC.
China is expected to lead the FDM market in the APAC region. Manufacturing,
automotive, and energy & power are the major industries that would drive
the market growth in the APAC region.
Key
Market Players
Siemens (Germany), Emerson (US), Honeywell
(US), ABB (Switzerland), Schneider Electric (France), Rockwell Automation (US),
Yokogawa (Japan), OMRON (Japan), Mitsubishi Electric (Japan), Fanuc (Japan),
Metso (Finland), Valmet (Finland), Hamilton Company (US), Phoenix Contact
(Germany), Endress+Hauser (Switzerland), Festo (Germany), Omega Engineering
(UK), Hach (US), Azbil Corporation (Japan), and Weidmüller (Germany) are among
the major players in the field device management market.
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